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Business Chamber President Backs Off
From Call to Raise Wages 20% Saturday

Dow Jones Newswires

Updated April 28, 1999 12:01 a.m. ET

CARACAS, Venezuela -- The president of Venezuela's top business chamber said Tuesday the country's employers could increase wages 10% on May 1 and another 10% on Oct. 1, falling short of the government's call to match its 20% public-sector salary rise taking effect Saturday.

Following a meeting with Alfredo Pena, secretary of the presidency, Francisco Natera, president of Fedecamaras, said businesses' cash flows are "suffering from a grave economic crisis."